CINCINNATI, OH--(Marketwired - March 23, 2016) - Swapalease.com, the nation's largest car lease marketplace, reports car lease credit approvals are beginning to bounce back after a dip in the numbers in late 2015. Auto lease credit approvals for the month of February finished at 70%, an uptick from the January mark of 63.6%.
As a whole, the automotive industry is continuing to thrive as it did last year. Increasing numbers in lease credit approvals may aid in ensuring that 2016 follows closely in 2015's footsteps, yielding record sales numbers overall and adding to the high lease penetration rate of nearly 32%.
"Lease credit approvals are slowly starting to rise again after a mediocre couple of months," said Scot Hall, Executive Vice President of Swapalease.com. "Rising credit approvals means that this year might be another record year for the auto industry as well as its focus on aggressive lease deals."
Although lease credit approvals are increasing, the industry remains watchful of consumer confidence levels. Consumer confidence is down 14% from a year ago, making this the lowest level that analysts have seen in the past seven months. Despite the recent growth in lease credit approvals, the decline in consumer spending could be a factor that stands in the way of overall auto sales growth potential for 2016.
About Swapalease.com:
Headquartered in Cincinnati, Ohio, Swapalease.com is the world's largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com's safe online system to contact the prospective seller and close the deal. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.
Contact Information:
Press Contact:
John Sternal
Merit Mile
jsternal@meritmile.com
O - 561-362-8888
C - 954-592-1201